Priceline Group Inc. on Thursday said Chief Executive Darren Huston resigned after an internal investigation found that his relationship with a Priceline employee violated the company's code of conduct.

The online travel agent said Mr. Huston had resigned effective immediately. The board has launched a search for a replacement and appointed its chairman and former chief executive, Jeffrey Boyd, as interim CEO.

Priceline said an investigation by independent directors uncovered Mr. Huston had a relationship with another employee "not under his direct supervision." The company said his activities were "inconsistent with the board's expectations for executive conduct, which Mr. Huston acknowledged and for which he expressed regret."

Mr. Huston, a former Microsoft Corp. executive who joined Priceline in 2011, has been CEO since January 2014. Under his separation agreement, Mr. Huston won't receive any severance and will forfeit a portion of his equity-based awards.

Write to Drew FitzGerald at andrew.fitzgerald@wsj.com

(END) Dow Jones Newswires

April 28, 2016 09:05 ET (13:05 GMT)

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